Detroit Gets 3-Day Extension To File Debt-Cutting Plan; Retiree Group Reaches DealMay 2, 2014 – In The News
Michael A. Sweet was quoted in The Detroit News article, "Detroit Gets 3-Day Extension To File Debt-Cutting Plan; Retiree Group Reaches Deal." Full text can be found in the May 2, 2014, issue, but a synopsis is noted below.
Detroit has reached a three-day extension to file a new debt-cutting plan in bankruptcy court after the city reached one deal with a retiree group and is negotiating more settlements with public safety unions.
Beginning May 12, the city is supposed to start sending out solicitation packets to the 67,000 creditors eligible to vote on the debt-cutting plan.
“That’s a hundreds-of-thousands-of-dollars proposition every time you mail it out,” said Michael Sweet.